Commonwealth Financial Network, the nation’s largest privately held registered investment adviser and independent broker-dealer, announced that president and chief operating officer Rich Hunter will transition to a new role at year-end.
Trap Kloman, managing principal and chief financial officer, will assume the dual role of president and chief operating officer at that time.
Hunter, who spent more than 30 years at Commonwealth, will remain one of 13 managing partners but will now focus on writing, special projects, and mentoring.
“I’ve been privileged to help steer Commonwealth through nearly three decades of success alongside my fellow managing partners who are also my friends,” said Hunter. “I’m looking forward to what I call my ‘next phase,’ during which I’ll step away from day-to-day management of Commonwealth’s operations and contribute in other ways I’m equally passionate about.”
Founded in 1979, Commonwealth Financial Network has headquarters in Waltham, Massachusetts, and San Diego, California. The firm supports approximately 1,800 independent financial advisors nationwide.